Correlation Between Xizi Clean and Anhui Xinhua
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By analyzing existing cross correlation between Xizi Clean Energy and Anhui Xinhua Media, you can compare the effects of market volatilities on Xizi Clean and Anhui Xinhua and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Xizi Clean with a short position of Anhui Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Anhui Xinhua.
Diversification Opportunities for Xizi Clean and Anhui Xinhua
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xizi and Anhui is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Anhui Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Xinhua Media and Xizi Clean is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Xizi Clean Energy are associated (or correlated) with Anhui Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Xinhua Media has no effect on the direction of Xizi Clean i.e., Xizi Clean and Anhui Xinhua go up and down completely randomly.
Pair Corralation between Xizi Clean and Anhui Xinhua
Assuming the 90 days trading horizon Xizi Clean Energy is expected to under-perform the Anhui Xinhua. But the stock apears to be less risky and, when comparing its historical volatility, Xizi Clean Energy is 1.16 times less risky than Anhui Xinhua. The stock trades about -0.01 of its potential returns per unit of risk. The Anhui Xinhua Media is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 551.00 in Anhui Xinhua Media on October 14, 2024 and sell it today you would earn a total of 125.00 from holding Anhui Xinhua Media or generate 22.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Anhui Xinhua Media
Performance |
| Timeline |
| Xizi Clean Energy |
| Anhui Xinhua Media |
Xizi Clean and Anhui Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Anhui Xinhua
The main advantage of trading using opposite Xizi Clean and Anhui Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Anhui Xinhua can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Anhui Xinhua will offset losses from the drop in Anhui Xinhua's long position.| Xizi Clean vs. Anhui Xinhua Media | Xizi Clean vs. Pengxin International Mining | Xizi Clean vs. Omnijoi Media Corp | Xizi Clean vs. Guangdong Jingyi Metal |
| Anhui Xinhua vs. Songz Automobile Air | Anhui Xinhua vs. Changchun Engley Automobile | Anhui Xinhua vs. Thinkingdom Media Group | Anhui Xinhua vs. Chengdu B ray Media |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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